Shane Mage
"Thunderbolt steers all things...It consents and does not consent to be called Zeus."
Herakleitos of Ephesos
>On 10/25/07, ken hanly <northsunm at yahoo.com> wrote:
>> The new sanctions will impact the economic
>> activities of the Revolutionary Guards and also some
>> Iranian banks. Wont this type of sanction encourage
>> the development of alternative financial institutions
>> in China, Russia, and elsewhere through which the
>> Iranian will operate on the Global stage?
>
>I hope it will. The new sanctions do little to hit Iran's banks and
>Revolutionary Guards directly, as Iran has been under US sanctions for
>a long time in any case. What they do instead is to unilaterally
>raise transaction costs for Asian, European, and other financial
>institutions that do business with Iran, which should certainly make
>the power elites of Asia, Europe, and other regions think hard about
>the costs of the dollar hegemony as Washington is clearly using it for
>its own purely geopolitical purposes with no economic rationale in the
>interests of the multinational ruling classes.
>
>Washington has increasingly turned to the dollar weapon (not only
>against Iran but also Cuba) -- the threat of cutting others off from
>the US financial system -- even as the dollar hegemony has begun to
>wane,* slowly but surely, the waning that may be marginally
>accelerated by the way Washington is using it directly against friends
>and neutrals to indirectly attack foes.
>
>The dollar's weakness, moreover, narrows options for the US Federal
>Reserve facing the twin dangers of credit crunch and economic
>recession, both of which are fundamentally rooted in the subprime US
>economy, the result of the US ruling class's Pyrrhic victory over US
>workers.
>
>* <http://biz.yahoo.com/ap/070917/germany_greenspan_euro.html?.v=1>
>AP
>Greenspan: Euro Gains As Reserve Choice
>Monday September 17, 8:07 am ET
>Report: Former Fed Boss Says Euro Could Replace U.S. Dollar As Favored
>Reserve Currency
>
>. . . . . . . . . . . . . . . . . . .
>
>Greenspan said that at the end of 2006, some 25 percent of all
>currency reserves held by central banks were held in euros, compared
>to 66 percent for the U.S. dollar.
>
>In terms of being used as a payment for cross-border transactions, the
>euro is trailing the dollar only slightly with 39 percent to 43
>percent.
>
>Greenspan said the European Central Bank has become "a serious factor
>in the global economy."
>
>He said the increased usage of the euro as a reserve currency has led
>to a lowering of interest rates in the euro zone, which has "without
>any doubt contributed to the current economic growth."
>
>On 10/25/07, joanna <123hop at comcast.net> wrote:
>> What kind of currency is Iran accepting for its oil?
>
>65% of Iran's oil sale income is in euros and 20% in yen, according to
>Mohammad-Ali Khatibi, deputy head of the National Iranian Oil Company
>in charge of marketing, as of the beginning of this month (AFP, "Iran
>Slashes Oil Transactions in Dollars," 2 October 2007,
><http://news.yahoo.com/s/afp/20071002/bs_afp/iranforexdollaroil_071002084133>).
>--
>Yoshie
><http://montages.blogspot.com/>
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